SUBSEQUENT EVENTS	107 Months Ended
Dec. 31, 2011
SUBSEQUENT EVENTS	NOTE 11—SUBSEQUENT EVENTS Subsequent to December 31, 2011, Opexa granted its management and employees options to purchase an aggregate of 1,409,367 shares of common stock with a fair value of $1,323,063 at an exercise price of $0.95 and an aggregate of 10,000 shares of common stock with a fair value of $9,064 at an exercise price of $0.92. Of those options, 1,019,036 are performance-based and will commence three-year quarterly vesting, if at all, in two tranches upon Opexa achieving certain key milestone events. The remaining options to purchase 400,331 shares are time-based and vest quarterly over a three-year period. On February 15, 2012, Opexa entered into an agreement with Pharmaceutical Research Associates, Inc. (“PRA”), a contract research organization (CRO), in which PRA will provide Opexa with services related to the design, implementation and management of Opexa’s planned Phase II clinical trial program in SP-MS. Under the terms of the agreement, Opexa will pay an upfront cash payment to PRA of $236,830 within ten days of contract execution, an upfront cash payment to PRA of $45,365 as an advance payment of 10% of the estimated pass through costs to be incurred by PRA during the term of the agreement and an upfront cash payment of approximately $24,750 to PRA for certain proprietary system support and administration licensure necessary for data reporting and management. Future payments by Opexa to PRA under the agreement are based on the achievement of certain time and performance milestones as presented in the agreement. Unless terminated by either party without cause on 60 days prior notice or on shorter notice with cause, the initial term of the agreement is for four years and automatically renews for successive one year terms.

NOTE 11—SUBSEQUENT EVENTS

Subsequent to December 31, 2011, Opexa granted its management and employees options to purchase an aggregate of 1,409,367 shares of common stock with a fair value of $1,323,063 at an exercise price of $0.95 and an aggregate of 10,000 shares of common stock with a fair value of $9,064 at an exercise price of $0.92. Of those options, 1,019,036 are performance-based and will commence three-year quarterly vesting, if at all, in two tranches upon Opexa achieving certain key milestone events. The remaining options to purchase 400,331 shares are time-based and vest quarterly over a three-year period.

On February 15, 2012, Opexa entered into an agreement with Pharmaceutical Research Associates, Inc. (“PRA”), a contract research organization (CRO), in which PRA will provide Opexa with services related to the design, implementation and management of Opexa’s planned Phase II clinical trial program in SP-MS. Under the terms of the agreement, Opexa will pay an upfront cash payment to PRA of $236,830 within ten days of contract execution, an upfront cash payment to PRA of $45,365 as an advance payment of 10% of the estimated pass through costs to be incurred by PRA during the term of the agreement and an upfront cash payment of approximately $24,750 to PRA for certain proprietary system support and administration licensure necessary for data reporting and management. Future payments by Opexa to PRA under the agreement are based on the achievement of certain time and performance milestones as presented in the agreement. Unless terminated by either party without cause on 60 days prior notice or on shorter notice with cause, the initial term of the agreement is for four years and automatically renews for successive one year terms.